1 The fourth step in the closing procedure is to close the Income Summary account into the Capital account False True 2 The post closing trial balance will include a) Rent Expense b) Income from Services c) Depreciation Expense d) Accumulated Depreciation e) Drawing 3 The entry to close Income Summary, assuming a net loss, would involve a a) credit to Income Summary b) debit to net income c) credit to capital d) credit to cash

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1  The fourth step in the closing procedure is to close the Income Summary account into the Capital account False True 2  The post closing trial balance will include a) Rent Expense  b) Income from Services  c) Depreciation Expense  d) Accumulated Depreciation  e) Drawing  3  The entry to close Income Summary, assuming a net loss, would involve a a) credit to Income Summary  b) debit to net income  c) credit to capital  d) credit to cash

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1. The fourth step in the closing procedure is to close the Income Summary account into the Capital account False True 2. The post-closing trial

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